"The US stock market on the blockchain" means you don't own the stocks, but rather you possess a "certain imagination" about the stocks. The opportunity lies in the way you play it, while the pitfall lies in misunderstanding.

Some friends asked me, the concept of "coin stocks" has been very popular these days, whether it's about US stocks going on-chain or listed companies buying coins, why haven't I jumped on the bandwagon....

From a technical perspective, there are several forms:
1. Synthetic Assets
For example, "sTSLA" created by protocols (such as Synthetix, Mirror) is a derivative that tracks the price of Tesla stock and does not represent actual equity.

3. On-chain reflection broker data (Oracle flow)
For price reference or simulated trading only, does not represent actual ownership.

This wave is speculating on 2, but no one tells you that 2 has a bunch of problems, right? Issues like taxes/equity/dividends/stock splits are all minor matters, and you even have a bunch of restrictions on trading methods.

Let me share a fun fact: institutions cannot just cancel orders casually when trading US stocks, otherwise they will be classified as deceptive trading (spoofing); also, don't think that just because the depth here is shallow, you can inflate it to the sky.... Don't think that once it's tokenized, it no longer counts as US stocks.... The methods in the crypto world do not work.

What pitfalls should be注意?
1. Essence does not represent equity.

2. Oracle and Price Manipulation Risk
Currently, there are no institutions entering the market, and assets rely on oracle, making them susceptible to manipulation. Why haven't institutions entered the market? Because of regulations, they still can't enter crypto...
Lack of "real price guarantee" in unregulated markets.

3. On-chain liquidity is thin
Many projects go live but have no trading activity, which may lead to them becoming "experimental products".

In addition, for the stocks of companies that have not yet gone public, such as openai and spacex's on-chain stocks — these are definitely pitfalls. If there are many people who want to see them, I will start a separate thread to write about it.